Lainhead Limited - Period Ending 2017-11-30

Lainhead Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2017

Registration number: 03074849

Lainhead Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Lainhead Limited

Balance Sheet

30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	45,451	49,908
Current assets
Stocks	5	64,758	49,835
Debtors	6	219,325	216,020
Cash at bank and in hand		16,261	12,502
		300,344	278,357
Creditors: Amounts falling due within one year	7	(117,607)	(109,294)
Net current assets		182,737	169,063
Total assets less current liabilities		228,188	218,971
Creditors: Amounts falling due after more than one year	7	(8,541)	(17,417)
Provisions for liabilities		(7,725)	(2,630)
Net assets		211,922	198,924
Capital and reserves
Called up share capital		100	100
Profit and loss account		211,822	198,824
Total equity		211,922	198,924

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Lainhead Limited

Balance Sheet

30 November 2017

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 July 2018 and signed on its behalf by:
 

......................................... D Grimes Director

Company Registration Number: 03074849

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Lainhead Limited

Notes to the Financial Statements

Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
340 Ashley Road
Parkstone
Poole
Dorset
BH14 9DF

These financial statements were authorised for issue by the Board on 25 July 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. There are no material departures from FRS102.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 3

Lainhead Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Short leasehold	Over the period of the lease
Fixtures and fittings	15% reducing balance basis
Motor vehicles	25% reducing balance basis
Computer equipment	15% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

Lainhead Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 5).

Page 5

Lainhead Limited

Notes to the Financial Statements

Year Ended 30 November 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2016	28,296	115,568	50,457	194,321
Additions	-	6,695	-	6,695
At 30 November 2017	28,296	122,263	50,457	201,016
Depreciation
At 1 December 2016	28,296	92,284	23,833	144,413
Charge for the year	-	4,497	6,655	11,152
At 30 November 2017	28,296	96,781	30,488	155,565
Carrying amount
At 30 November 2017	-	25,482	19,969	45,451
At 30 November 2016	-	23,284	26,624	49,908

5

Stocks

	2017 £	2016 £
Other inventories	64,758	49,835

6

Debtors

	2017  £	2016  £
Trade debtors	73,715	77,880
Other debtors	134,466	126,762
Prepayments	11,144	11,378
	219,325	216,020

Page 6

Lainhead Limited

Notes to the Financial Statements

Year Ended 30 November 2017

7

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	20,834	62,442
Trade creditors		14,301	6,457
Corporation tax		5,077	324
Social security and other taxes		5,370	6,599
Other creditors		69,925	32,128
Accrued expenses		2,100	1,344
		117,607	109,294
Due after one year
Loans and borrowings	8	8,541	17,417

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	8	8,541	17,417

8	Loans and borrowings

	2017 £	2016 £
Loans and borrowings due after one year
Finance lease liabilities	8,541	17,417

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	11,958	13,048
Finance lease liabilities	8,876	9,394
Other borrowings	-	40,000
	20,834	62,442

Page 7

Lainhead Limited

Notes to the Financial Statements

Year Ended 30 November 2017

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

10	Transition to FRS 102

This is the first year the accounts have been prepared under FRS102, however, this has not affected the financial position or performance of the comparative figures.

Page 8